Baku expects more gold output to be produced at deposits in the territories previously occupied by Armenian forces and spends millions of dollars for infrastructure projects in Nagorno-Karabakh and surrounding regions.

Fitch said that Armenia's 'B+' IDRs reflected strong per-capita income, governance and business environment indicators relative to peers, as well as a robust macroeconomic and fiscal policy framework and credible commitment to reform that were underpinned by an IMF programme.